Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $5.73, but opened at $5.23. Cipher Mining shares last traded at $5.50, with a volume of 3,825,336 shares.

Analysts Set New Price Targets

CIFR has been the subject of a number of analyst reports. Northland Securities upped their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Tuesday, December 10th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Macquarie upped their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $11.00 target price on shares of Cipher Mining in a report on Tuesday, January 7th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Price Performance

The company has a market cap of $1.93 billion, a PE ratio of -42.65 and a beta of 2.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock has a 50 day moving average of $5.67 and a 200-day moving average of $4.97.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter last year, the business earned ($0.07) EPS. Equities analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 356,881 shares of company stock valued at $2,388,389. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC grew its position in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after acquiring an additional 1,584,874 shares during the period. Geode Capital Management LLC grew its position in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares during the period. Van ECK Associates Corp grew its position in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at about $4,029,000. Finally, State Street Corp grew its position in shares of Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after acquiring an additional 1,019,949 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.